Singaporeans prefer purchasing coverage online
A majority of Singaporeans now purchase travel insurance through digital channels, according to a survey commissioned by KoverNow
The report, conducted in partnership with the National University of Singapore, surveyed 500 Singaporeans.
The survey found that 53.4% of respondents had used an online website to purchase insurance, while a further 11.8% had used a mobile app. A third (33%) said that they had previously used a non-digital channel, such as a financial agent or broker, but only 8% had used a landline phone.
Digital options were the preferred choice for regular travels (two to three trips per year), with just 5.8% of people in this category stating a preference for a non-digital channel.
The survey also found that the top five most important factors for Singaporeans when choosing a channel to buy insurance were:
- Personalisation
- Brand reputation
- Clearly presented products and services
- Geographical availability
- Prompt service.
The least important aspect for respondents was the removal of human interaction from the purchasing process.
Respondents also showed a preference for ‘metered’ insurance that can be turned on and off on demand, with 79.6% stating an interest across all age groups.
Healthy demand for travel insurance
Most respondents (64%), irrespective of income, said that they had previously bought travel insurance, and planned to purchase more in the future. Meanwhile, only 1.5% had never bought a policy to protect them while travelling.
“Singaporeans love to travel, and believe in the importance of insurance to protect themselves and their valuables,” said Stephan Kaiser, CEO of KoverNow. “The sentiments expressed in the survey can be seen in the attitudes of our own customers, who use the KoverNow app to ensure they purchase both travel cover and dedicated items in one easy transaction.
“We also now clearly see the tip of the iceberg in consumer preferences entering the market through Gen Z customers who won’t even consider non-digital supply channels, which is a clarion call to the entire insurance industry,” he added.
Seedly launched a new travel insurance product in Singapore in November 2023.